L Brands' First-Quarter Sales Plunge, as Expected

Victoria's Secret's losses continue to plague parent company L Brands (NYSE: LB). Company sales decreased 37% in the first quarter, which ended May 2.

L Brands' portfolio includes Victoria's Secret and its sister brand, Pink, as well as Bath and Body Works. The latter has performed well, while the former keeps pulling it down.

In the first quarter of 2020, Bath and Body Works comps increased 41% while Victoria's Secret comps fell 13%. Total company comps rose 4% as a result. Bath and Body Works comps increased 20% in the period before stores were closed on March 17, and the direct business, which remained open, increased 85%.

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Source Fool.com